CARGO Therapeutics (NASDAQ:CRGX) Downgraded to Hold Rating by Jefferies Financial Group

CARGO Therapeutics (NASDAQ:CRGX) was downgraded by stock analysts at Jefferies Financial Group from a “buy” rating to a “hold” rating in a research report issued on Thursday, MarketBeat.com reports. They currently have a $3.00 target price on the stock, down from their previous target price of $32.00. Jefferies Financial Group’s price objective indicates a potential downside of 77.26% from the stock’s previous close.

CRGX has been the subject of several other research reports. William Blair cut shares of CARGO Therapeutics from an “outperform” rating to a “market perform” rating in a research note on Thursday. Truist Financial downgraded shares of CARGO Therapeutics from a “buy” rating to a “hold” rating and reduced their price objective for the company from $32.00 to $7.00 in a research report on Thursday. Chardan Capital reiterated a “buy” rating and set a $28.00 target price on shares of CARGO Therapeutics in a research report on Wednesday, November 13th. JPMorgan Chase & Co. downgraded CARGO Therapeutics from an “overweight” rating to an “underweight” rating in a research note on Thursday. Finally, HC Wainwright downgraded CARGO Therapeutics from a “buy” rating to a “neutral” rating in a research note on Thursday. One analyst has rated the stock with a sell rating and six have assigned a hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $15.00.

CARGO Therapeutics Stock Down 3.4 %

Shares of CRGX stock opened at $13.19 on Thursday. The stock’s 50-day moving average price is $14.83 and its 200 day moving average price is $17.45. The stock has a market capitalization of $607.14 million, a PE ratio of -3.10 and a beta of 2.50. CARGO Therapeutics has a 52-week low of $10.91 and a 52-week high of $33.92.

CARGO Therapeutics (NASDAQ:CRGX) last released its earnings results on Tuesday, November 12th. The company reported ($0.88) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.14) by $0.26. Analysts expect that CARGO Therapeutics will post -3.73 earnings per share for the current fiscal year.

Institutional Investors Weigh In On CARGO Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in CRGX. abrdn plc purchased a new position in CARGO Therapeutics during the 4th quarter valued at about $593,000. China Universal Asset Management Co. Ltd. purchased a new stake in shares of CARGO Therapeutics in the fourth quarter valued at about $141,000. Brooklyn Investment Group acquired a new stake in shares of CARGO Therapeutics in the fourth quarter valued at approximately $27,000. JPMorgan Chase & Co. increased its stake in shares of CARGO Therapeutics by 74.9% during the 3rd quarter. JPMorgan Chase & Co. now owns 15,007 shares of the company’s stock worth $277,000 after purchasing an additional 6,426 shares in the last quarter. Finally, Barclays PLC raised its position in shares of CARGO Therapeutics by 226.7% during the 3rd quarter. Barclays PLC now owns 56,354 shares of the company’s stock worth $1,039,000 after purchasing an additional 39,102 shares during the last quarter. 93.16% of the stock is currently owned by hedge funds and other institutional investors.

About CARGO Therapeutics

CARGO Therapeutics, Inc, a clinical-stage biotechnology company, develops chimeric antigen receptor (CAR) T-cell therapies for cancer patients. The company's lead program is CRG-022, an autologous CD22 CAR T-cell product candidate designed to address resistance mechanisms by targeting CD22, an alternate tumor antigen that is expressed in B-cell malignancies.